SMARTER TRADE BETTER FUTURE

INVESTOR PRESENTATION DECEMBER 2019 DISCLAIMER

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This presentation is not intended to provide the basis for any credit or any third party evaluation of DP World and should not be relied upon for investment decision purposes. 2 Our Journey from Local to Global Trade Enabler

Local Regional Global Global Port 1972 - 1998 Port 1999 - 2004 Port 2005 - 2017 Trade 2018 - Present Operator Operator Operator Enabler

Dubai Maritime City and Drydocks World acquisitions 2005/6. CSX World Terminals and The Peninsular (UAE) & Oriental Steam Navigation Company (P&O) acquired. Global network and market position Created investment platform with NIIF to invest up to US$ increased 3bn in ports, logistics and related sectors in

2007. DP World lists on Nasdaq Acquisition of Cosmos Agencia Maritima, a fully integrated logistics services provider () 2013. Opening of (UK) deep sea port and logistics park Acquisition of Continental Warehousing Corporation (India) an integrated multimodal logistics company. 1999. 2014. Opening of Terminal 3 (UAE), one 1972. Dubai Ports International FZE (DPI) formed of the largest semi-automated facilities in the Concession won to build and operate new logistics hub Development of Port Rashid (UAE) world. in Mali 2000. 1979. Concession won in (KSA) and 2015. Economics Zones World FZE (EZW) acquired Concession won to build Free Trade Warehousing Zone in Opening of Jebel Ali Port (UAE) Doraleh () JNP Mumbai 2016. Consolidated stake in Pusan Newport (South 1991. 2002 – 2004. Korea) with 66% ownership Acquisition of Unifeeder, an integrated logistics company Port Rashid and Jebel Ali combine Concessions won in Visakhpatnam (India), with the largest and best connected feeder and growing creating Dubai ports Authority (DPA) Constanta () and Cochin (India) 2017. Consolidate DP World Santos () with shortsea network in Northern Europe 100% ownership

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 3 Trade Enabler – Participating Across The Supply Chain

Extending the core business to Connecting directly with cargo owners play a wider role in the supply chain & aggregators of demand

Seller/Exporter Pre-Carriage Terminal Sea Leg Terminal On-Carriage Buyer/Importer Warehouse to Port of Handling Handling to Final Warehouse Loading Destination

Providing technology led solutions Improve quality of earnings and drive to remove inefficiencies returns

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 4 DP World Ports Overview

DP World is the only listed global container port operator Over 150 operations 9 new developments 65% of total revenue 9% market share in over 50 countries and major generated by port expansions. operations.

Approximately 75% Strong DP World focuses on the of our volumes presence in faster growing markets and generated from Diversified key East- key trade routes emerging or frontier portfolio. West trade markets in 2018. route.

Shipping lines do DP World focuses on origin Over 70% of our gross volumes not dictate our and destination cargo which were O&D in 2018 and have to go volumes – imports through our ports. has pricing power and exports do.

DP World operates container Average life of port concessions is Very high barriers to terminals through long term approximately 37 years. entry. concession agreements

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 5 Pro-forma Financials * Revenue Diversification 2014

80% 20% Containerized

Annual Revenues of Approximately 80% 20% $8.5bn Non-containerized

Annual EBITDA of Approximately 2017

$3.35bn 70% 30% Containerized Adjusted EBITDA Margin of Approximately 70% 30% 40% Non-containerized

1H2019

50% Containerized 50% 50% 50% * 2018 Non-containerized

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 6 Revenue and EBITDA mix

1H2019 REVENUE 1H2019 EBITDA

65% 75% Ports & Terminals Ports & Terminals 10% 15% Parks & Economic Zones Parks & Economic Zones 25% 10% Logistics & Maritime Logistics & Maritime

10%

25% 15%

65% 10% 75%

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 7 Client Mix Change

Traditional Container Customers Logistics and Maritime Customers

Container Industry DP World Overview ESG Business Development Throughput & Financials Overview 8 Our Global Footprints

IMF World Economic Outlook Real GDP Growth 2020 Projections

<0

0-2%

2-4%

+4%

EM & Frontier 4.6%

Advanced Economies 1.7%

World 3.4%

China 5.8%

India 7.0% Ports & Terminals Parks, Logistics & Maritime Services IMF World Economic Outlook | October 2019 Economic Zones

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 9 Key Environmental & Sustainability Initiatives 10

In 2017, DP World joined the United DP World is rated ‘Low’ ESG Risk by First international marine and inland In 2019, DP World scored 54 points in Nations IMPACT 2030 initiative and Sustainalytics with a score of 14.8 as of trade services provider to join the the DJSI Index, which qualified us for became Regional Voice Lead for the September 2019. renowned CDP. the Emerging Markets Index. The UAE. industry average is 36 and the industry ESG Risk Rating improvement: On of only 127 leaders globally to be best score is 85. DP World continues to play an active • Ranking improved from 4th to 1st in awarded ‘A’ score in 2018. part in the Transport Taskforce, which the ‘Marine Ports’ sub-industry group, DP World is the only company in the brings together 40 of the world’s • Ranking improved from 35th to 21st in Over 2017, reduced emission intensity region which is in the DJSI Index. leading wildlife organizations and the ‘Transportation Infrastructure’ (kgCO2e/ModTEU) by 8% and energy transport businesses to tackle illegal industry group. intensity (MJ Energy/TTM) by 5% wildlife trade. against a base year of 2013.

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 10 Key Environmental & Sustainability Initiatives 11

Green Loan

DP World has satisfied the The DP World Solar Power Programme In 2018, DP World repriced and DP World is committed to ensuring that requirements to become a constituent phases 1 and 2 include the installation of extended its $2bn conventional and there is no modern slavery or human of the FTSE4Good Index Series 154,000 solar panels on the roofs of DP Murabaha revolving credit facilities by trafficking in any part of our business following the June 2019 index World and JAFZA buildings, parking lots, two years to July 2023. The loan and to seeking to ensure our supply overview. warehouses and at Port Rashid. pricing is linked to DP World’s carbon chains globally are also free of these emission intensity. issue. Created by FTSE Russell, the In 2018, the company launched the FTSE4Good Index Series measures the UAE’s first green storage, passenger The first green loan in the region with Issue modern slavery and human performance of companies terminal and warehouse facilities. an Islamic format that links pricing to trafficking statement on an annual demonstrating strong ESG practices. environmental performance. basis, pursuant to section 54(1) of the UK Modern Slavery Act 2015.

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 11 15%

10%

Container volumes More than 90% of growing at a cargo is transported 5% multiple to GDP on Sea

0%

-5% World container traffic vs. World GDP Container Volume Growth Source: -10% Global GDP Growth 1 World GDP data from the IMF World Economic Outlook Update October 2019. 2 Global Container Throughput Growth data reported from Drewry Maritime Research July 2019 Report.

Why does a multiplier exist? Container Ports Characteristics

GLOBALISATION • Distance between manufacturing and consumption • Resilient volumes, high cash generation, and limited location requires transhipment which leads to containers operators. AND THE being handled more than once. • Light regulation – cost of container handling is less than GROWTH OF • Trade imbalance leads to empty repositioning. 10% of total transport logistics.

THE CONTAINER • Low container penetration rates in emerging markets. • High entry barriers – capital expenditure heavy, strategic assets.

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 12 Containerisation Penetration Rates Remain Low

Container / Thousand Capita 2018 Port Throughput Estimated Population in 2018 in 2018 Region / Country (mn People) (mn TEU) (TEU /’000 people)

China 244 1,397 175

UK 10 66 158

North America 68 490 138

Europe 136 1,016 133

WORLD 784 7,447 105

Latin America 48 556 86

Brazil 10 209 49

Russia 5 144 35

Africa 28 1,136 24

India 17 1,327 13

Notes: • Port throughput figures include gateway and transshipment volumes • Significant volumes of unitized traffic also moved in ro-ro mode in some countries e.g. UK Source: Drewry Maritime Research 2018 Anniual Report

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 13 Maintaining Differentiation from Peers

2018 2018 2018 Operator Market Equity TEU* Capacity Key Focus Throughput Share Market Share • Around 75% of activity generated by emerging markets China Cosco • Mainly focused on China although rapid expansion internationally 105.8 13.5% 5.9% 130.0 Shipping • Primarily gateway, limited exposure to transhipment • Large investment in the One Belt and Road initiative • Significant exposure to transhipment in Hutchinson 82.6 10.5% 6.0% 112.0 • High volumes in China, limited in North America & Africa Port Holdings¹ • Exposed to slow growth in Hong Kong cargo • Significant exposure to transhipment especially in Singapore • Mix of mature & emerging markets, strong home base in Singapore PSA 80.1 10.2% 7.7% 112.6 • Limited presence in Africa and North America, limited presence in Latin America International • Increasing portfolio expansion plans (greenfield) and development of capacity at existing locations e.g. Singapore

• Exposed to one shipping line – more than 50% of revenue APM Terminals 78.6 10.0% 5.5% 99.7 • Primarily gateway (some transhipment exposure) • Significant presence in mature markets (Europe & North America), no presence in Oceania.

• Primarily origin and destination cargo (70%) with pricing power • Emerging market focus and strong presence in Europe, and North America • High global presence, limited in North America DP World 70.0 8.9% 5.6%² 89.7 • Expansion in emerging and mature markets • Only operator with activities in all 12 world regions and remains the leading player in the Middle East by a large margin.

Source: Drewry Maritime Research 2019 Annual Report. *Equity TEU adjusts figures to match the % ownership of terminals. (1) Hutchison figure include HPH Trust volumes (2) DP World equity league ranking: #4 in 2018.

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 14 Fraser Surrey Docks ()

FSD is a multipurpose terminal which handles containers DP World Australia (Australia) (400k TEU capacity), steel and agri-bulk. DP World raised its 25% holding in DP World Australia The acquisition gives DP World the ability to further (DPWA) to 60%. diversify cargo mix with a focus on non-container cargo. Australia remains a stable market with an opportunity to grow in logistics

Posorja (Ecuador) () Opened in August 2019 with 0.75m TEU capacity.

Only deep-water port in the Strategically located to serve east Africa including fast growing container market Ethopia. Expanding capacity from 0.15 million TEU to of Ecuador 0.55 million TEU.

Puertos y Logistica (Chile)

Puertos y Logistica S.A. (“Pulogsa”), a leading port operator in Chile with two terminals; Puerto Central (“PCE”) and Puerto Lirquen (“PLQ”). Key Port Developments

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 15 P&O Ferries (UK) Unifeeder Group (Denmark)

P&O Ferries is a pan-European integrated logistics Unifeeder operates the largest and most densely connected common business consisting of a market leading roll-on-roll-off user container feeder and an important and growing shortsea network (Ro-Ro) ferries operation and a European in Europe. transportation and logistics solutions provider (P&O Ferrymasters).

P&O Ferries handles over 2.5 million freight units per year which accounts for approx. 75% of group Feedertech (Singapore) revenues. Feedertech operates two businesses, Feedertech, which is an independent feedering service and Topaz (Caspian, MENA & Africa) Perma, a regional short-sea network. Topaz is a leading international provider Topaz is a leading international provider Both operate in the same market and connect the of critical marine logistics and solutions of critical marine logistics and solutions fast-growing trade route of Asia- Middle-East via to the global energy industry. The the Indian Subcontinent. Company operates a modern and versatile fleet of 117 vessels, predominantly in the Caspian Sea, MENA, and West Africa regions.

KRIBHCO Infrastructure Limited (INDIA) Continental Warehousing Corporation (India)DP World and NIIF joint venture acquired 90% of KRIL operates three major Inland Container Depots/Private Continental Warehousing Corporation (CWC) in Freight Terminals at Pali, Haryana; Modinagar, Uttar India. Key Logistics & Pradesh and Hazira, Gujarat and has container train operations with a pan India outreach. KRIL has a strong CWC is a leading integrated multimodal logistics presence in the National Capital Region (NCR), which is provider of Warehousing, Container Freight Maritime India’s largest Import/Export market with a population of Stations (CFS), Inland Container Depots (ICD), over 46 million, including a terminal located on a notified Private Freight Terminals (PFT) and integrated Developments double stack route. logistics solutions.

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 16 Feedertech Acquisition – Transaction Overview

• Acquired 77% stake in Feedertech Group.

• Established in 2003 and based in Singapore, Feedertech operates two businesses: Feedertech (an independent feedering service) and Perma (regional short-sea network).

• Feedertech Group will broaden DP World’s Group feedering and short-sea product offering to multiple geographies. Feedertech Perma • Further enhance DP World’s logistics capability to offer an Port-to-port operations through VSAs/consortium with Pier-to-pier operation through customized services which end-to-end solution to both Main-Line Operators (MLO). primarily relies on Feedertech. the shipping lines and cargo • No owned vessel. owners. • The company has 5 service routes in Indian Utilizes 11 services (ISC – Middle East drives c.52% of Subcontinent and Far East regions. volumes; Far East & Southeast Asia drives 32%; Africa drives 4%; remaining is reefer or special services).

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 17 Topaz Acquisition – Transaction Overview

DP World acquires Topaz at an attractive valuation, with the business expected to meet DP World’s returns criteria

• 100% of Topaz acquired for an enterprise value of US$1,079m1 representing an attractive multiple for DP World.

• Topaz Energy and Marine Limited (Topaz) is a leading international marine logistics services and solutions company to the global energy industry, enabling trade for the oil and gas market.

• The company operates in four key operating segments; Caspian (64 vessels), MENA/Subsea (20 vessels), Africa (13 vessels) and Solutions (20 vessels).

• The strong contract backlog provides strong forward revenue visibility and stability, with increased IOC/NOC tender activity signalling growing confidence in the E&P sector.

• The acquisition is expected to meet DP World’s returns criteria and will be earnings and margins accretive from the first full year.

1 Enterprise value shown on an adjusted economic basis. The consideration for the JV stake increase is not included in the enterprise value.

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 18 Topaz Acquisition – Strengthening DP World’s Marine Services Offering

117 281 Fleet Number of ships (primarily OSVs) (primarily tugs/barges and other small vessels)

US$349m US$230m Revenue Revenue Revenue and FY18 financials EBITDA US$190m US$80m EBITDA EBITDA

Africa S. America 10% 14% MENA FY18 revenue split 13% Geographic Caspian by operational exposure 45% EMEA location 50% Australasia & Solutions PNG 32% 36%

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 19 Dubai #8 Trading Across Borders Serves a Wide Region Midway between Asia & Europe 2019 (World Bank) - Trade gateway for GCC, ISC & Africa with MENA region population access of over 2bn • Jebel Ali Port is 11th largest port worldwide • 19.3 million TEU capacity (2018) Logistics hub for Arabian Gulf #16 • Sea connectivity: 180+ shipping lines, 80+ Host to the World Globally in Ease of Doing Business weekly services, 140+ direct ports of call Report 2020 (World Bank) and ranked #1 in Arab countries for 7th consecutive year • World's busiest international airport • 89.1 million passengers in 2018 DUBAI • Handled 2.6m tons air freight in 2018. • DWC: Dubai’s emerging cargo airport AED 1.3trn non-oil foreign trade (2018) • Customs bonded corridor connects sea-air box within 45mins of discharge Largest domestic market in the region non-oil trade worth $93 bn • Rail network in GCC by 2020 • Etihad Rail (UAE) will span 1,200 kms (2018) • 75 Kms of Metro #5 • Tramway of 14 kms • Etihad Rail will have a depot within Jebel Ali Global Connectedness facility, connecting UAE to GCC Pro-business government Index 2018 (DHL) Rapidly growing trade and services sectors • Connected to the main UAE/GCC road network – 2 to 3 days road transit to Cosmopolitan city with high standard of living anywhere in the GCC. Excellent healthcare & educational services #9 2019 Economic Freedom Index – Diverse living environment, over 200 nationalities Global ranking and Rank #1 in the Secure environment Region

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 20 Jebel Ali Port & Free Zone (JAFZ) Integrated One Stop Shop for Business Solution

Over 7,600 Over 135,000 Facilitates trade customers from Jobs sustained (2018) worth 140 countries $93 Bn

Main Logistics Spans 57 sq km One of the largest & Business Trade Hub for Communities the region in the region

Operate in an Multimodal Connectivity Integrated Jebel Ali Port, Al Maktoum Intl. Airport, One-Stop- Etihad Railway, Regional Highways Shop

Access to 3 Bn+ Over 350 logistics companies. 8 out of people in the the 10 largest logistics companies in MEASA region the world have their Regional base in JAFZA

Over 100 Dubai Logistics Corridor Sea – air Fortune 500 customs bonded corridor companies

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 21 Update on Free Zone

INDUSTRY SEGMENT 100% 100% 99% Others 5% Healthcare & Electronics & 95% 95% 95% Pharma Electrical 94% 94% 4% 15% Chemicals 90% 92% 92% 4% 90% 90% 89% 89% 89% Logistics 87% 5% 85% 84% 84% 84% 83% 80% Service Retail & General 80% 80% 6% Trading 13% 77% Foodstuff, Livestock & 74% Agricultural Products 70% 7%

67% Vehicle & Metal, Steel, 66% Transport Construction 8% 13% 60% Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Jun-19 Oil & Gas 8% Machinery & Land Warehouse Office On-Site Residential Equipment 12%

Trading remains in line with expectations Over 250 new companies registered during 1H 2019 and total number of companies exceeds 7,800.

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 22 DP World India Overview DP World is one of the largest trade enablers in South Asia.

DP World has created a wide network of logistics assets in India including CFSs, ICD PFTs, Cold chain facilities, road and rail transportation networks. Port Terminal ICD/PFT Facility India Transportation Growth Forecasts CFS Facility Cold Chain Facility ❑ India Container Terminal CAGR 8-10% FTWZ Facility Under development ❑ Container Freight Station (CFS) and Inland Container Depot (ICD) CAGR Panipat 10-12% ❑ Private Freight terminal CAGR 30-35% Sahibabad, Modinagar Delhi NCR Rewari Hinduan

Ahmedabad Port Free Trade Mundra 6 Terminals 2 Warehousing Zones Surat Hazira Mumbai Container Visakhapatna Hyderabad m 5 Freight Cold Chain Facilities Stations 6 (Winter Logistics)

Bangalore Inland Container Inland Container 3 Depots/ Private 4 Depots (Kribhco Vallarpadam Freight Stations Infrastructure Ltd)

Tuticorin Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 23 Unifeeder and P&O Ferries: A pan-European integrated

Larne logistics business Cairnryan

Teesport Dublin Manchester Hull Liverpool

Halesowen Ipswich Ferries locations Tilbury Amsterdam Ferrymasters locations Zeebrugge Calais

Kiev Ferries and Ferrymasters Co-location Cologne Mannheim Katowice Unifeeder Ports (Outports): Ports Typically not called by deepsea vessels

Unifeeder Deepsea Hub: Ports Oradea

called by deepsea vessels Lyon

Bucharest Unifeeder Shortsea connections

Unifeeder Intermodal shortsea connections

P&O Ferries Shortsea connections

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 24 Unifeeder and P&O Ferries

• Operates the largest common user container feeder network and also an important and growing shortsea network in Europe. • Unifeeder does approximately 12,500 port calls at 100 ports while maintaining a utilization rate of 90%. Unifeeder is the largest and most • Operates on an asset light model i.e. all transportation assets are leased on short term charters upon integrated network in Europe – demand. with opportunity to expand • Unifeeder serves two distinct markets: Feeder Services transport containers from the large European hubs to regional ports, thereby providing major international deep-sea container shipping lines easy access to ports and regions beyond their reach. Shortsea Services provide fully multimodal door-to-door transport of full-load containerized cargo for customers across Europe, combining seaborne transportation with third party road and/or rail logistical services.

• DP World aims to be the world-leading multimodal “trade enabler”; offering clients full “beyond the port” services • Recent acquisitions of Unifeeder, Continental Warehousing and DryDocks World demonstrate a commitment P&O Ferries consists of a market to this strategy leading Roll-on Roll-off (Ro-Ro) • P&O Ferries adds a market-leading Ro-Ro business to DP World’s existing European Lo-Lo assets, operating ferries operation and a European across 11 European ports transportation and logistics • P&O Ferrymasters adds a complementary European supply chain solutions provider, with a presence in 19 solutions provider locations • P&O Ferries handles over 2.5m freight units p.a., and generated GBP1.1bn of revenue & GBP100m of EBITDA in 2017

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 25 DP World Australia

Overview

◼ DP World Australia (“DPWA”) is a privately- owned, leading Australian container port operator, providing container stevedoring Sea Sea Port Sea Port Rail Freight Warehousing Land Port Road services across Australia Freight “Landlord” Stevedore Freight Forwarding Operation Freight ◼ DPWA operates a national network of four Operation container terminals located at each of Australia’s major ports (“4-Ports”), namely: - DP World , Terminals and Stevedoring DPWA Logistics (established in 2017) - DP World , ◼ National network of four - DP World ; and ◼ DPWA Logistics was Facility Summary container terminals - DP World established in 2017 to State NSW ◼ 4-Ports market share of provide enhanced Park Park ◼ In addition to its core terminals and stevedoring Facility ~50% solutions to its 1 2 business, DPWA has a strategy to grow the ◼ Discussions with other customers Capacity Brisbane 9,000 3,000 business ‘beyond-the-gate’ where it ‘protects parties ongoing to add to ◼ DPWA Logistics (TEU) and feeds’ its core stevedoring offering Fremantle national footprint comprises of two Lease expiry 2024 2024 Sydney ◼ DPWA has started to execute its growth ◼ Forms part of global DPW facilities in NSW that are Terminal Melbourne 81,000 30,000 strategy and expanded its operations network strategically located size (sqm) Existing sites adjacent to DPWA’s NSW to include: Landlord DPWL Sydney terminal Ports - DP World Logistics Australia (“DPWA DPWA’s Core Business Logistics”) which operates two intermodal terminals in NSW; and - Joint ventures with Patrick Terminals & Logistics (“Patrick”) (1-Stop 1-Stop Connections – 50/50 JV with Patrick AWH – 50/50 JV with Landmark Connections (“1-Stop”) and Landmark ◼ AWH is a leading Australian logistics and warehousing specialist (AWH)) ◼ 1-Stop is a technology provider to 13 terminals across Australia, providing storage, handling, freight forwarding and inventory ◼ DPWA forms part of the DP World global New Zealand and South East Asia management services for import, export and domestic distribution network and is able to leverage off the ◼ Services provided include the vehicle booking service, provision of ◼ AWH operates a national footprint covering >700,000sqm of experience and expertise. real-time container movement information and reporting systems warehousing across 14 sites to meet customs regulatory requirements ◼ Top 3 national warehouse footprint

Existing Business Focus areas for complementary growth to protect core business Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 26 Cosmos Agencia Maritima

DPW Posorja, Ecuador Cosmos Business Mix (% of 2017 Sales) Business Mix (% of 2017 sales)

Maritime Agency Paita TPE Port Paita Shipping Stevedoring Lines Peru 20% Chiclayo 22% Towing & Pilotage Pucallpa Foreign Trade Warehousing/ (Imports and 8% 55% Boat Services Distribution Exports) 50% DPW , 2% Centers 5% Peru Barge Services Callao 17% 4% 6% Special Operations Freight Forwarders Oil & Gas & Other Contracts 11% Matarani

Cosmos Agencia Maritima S.A. – Business Overview Logistics Service Business Subsidiary – Neptunia S.A. • Nationwide office network and a team of highly skilled professionals. • Provides an integrated platform of logistics solutions in activities related to • Presence in all ports of the Peruvian coast, as well as ports in the foreign trade, product storage & distribution and freight services. Peruvian jungle (Pucallpa, Yurimaguas, Atalaya and lquitos). • Market share in Callao of 14.1% of total export containers and 7.2% of • In addition to maritime and logistics business, the acquisition comes with total import containers. a 50% stake in Terminales Portuários Euroandinos (TPE) in the Port of • Stable operational performance despite challenging trade environment. Paita (Peru), which is the second largest container terminal in the country. • Diversified client portfolio, with no client representing more than 8% of • TPE is strategically located on the shipping route between DP World’s sales, with clients across the Oil & Gas, packaging logistics, agribusiness, Posorja (Ecuador) and Callao (Peru) terminals. fishing, vehicle importers and food & beverage industries.

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 27 & Drydocks World Leased to Drydocks World

Acquisition of Dubai Maritime City (DMC) ($180 DMC offers 2.3 million sqm of prime land that million) and Drydocks World ($225 million) for a can be developed for industrial and business total cash consideration of $405 million parks. Alternative to the highly occupied Jebel Ali Free Zone Maintaining Dubai as a premier Maritime hub is strategically important for DP World 2.3mn Sqm to develop Drydocks World is the largest shipyard in the Middle East with strong recurring revenue

Drydocks World

The shipyard is the largest facility in the Middle East

Three large dry docks that can accommodate Ultra Large Crude Carriers (“ULCCs”) and Ultra

Large Container Vessel (“ULCVs”) 34 years of strong historical performance and currently maintains a market share of approx. 60-70% of ship repair jobs in the region

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 28 Puertos y Logística S.A. (“Pulogsa”) Reasons for DP World to invest

Both PCE & PLQ handle gateway cargo, and would allow DP World to serve cargo owners and Pulogsa holds two wholly owned shipping lines at five key gateways on the west multipurpose seaport assets; A. Puerto coast of South America in Posorja (Ecuador), Central (PCE) concession in San Antonio, V Callao and Paita (Peru) and San Antonio and Region, and B. Lirquen port (PLQ) which Lirquen (Chile). serves mainly forestry product exports in the VIII Region. Chile is an investment grade (A1/ Stable) country with strong GDP growth.

Pulogsa concession in the San Antonio bay is for a 20 PCE is the most modern terminal in the Santiago year period with the option to extend it until 2041. region (>50% national cargo demand) and - Pulogsa is one of the largest and the most modern expected to maintain a favorable supply/demand container ports in Chile. balance. PLQ is a freehold asset. - PCE’s total capacity of 1.15m TEUs and the port facility counts with direct connectivity to Santiago through modern highways and railway. A

Transaction Summary B Puerto Lirquen is located near the main productive EV for 100% of Pulogsa is USD 728m, DP World center of Southern Chile, serving blue-chip forestry will be paying an equity value of USD 502m. and pulp clients who ensure stable export demand - PLQ is amongst the largest private public-access Projected to be earnings accretive from first year ports in Chile, benefiting from the largest storage in of consolidation. the VIII Region

Container Industry DP World Overview ESG Business Development Throughput and Financials Overview 29 Throughput Overview

1Q 2019 2Q 2019 3Q 2019 9M 2019 Gross Volumes 3Q 2018 3Q 2019 9M 2018 9M 2019 Growth Growth Growth Growth ‘000 TEU Volume Volume Volume Volume (YoY) (YoY) (YoY) (YOY)

Asia Pacific & India Subcontinent +3.5% +4.1% 8,080 7,704 -4.6% 23,701 23,950 +1.1%

Europe, Middle East and Africa* -4.1% -1.7% 7,624 7,576 -0.6% 23,215 22,713 -2.2%

Americas & Australia -3.7% +4.4% 2,315 2,452 +5.9% 6,723 6,880 +2.3%

Total Group -0.6% +1.6% 18,019 17,732 -1.6% 53,639 53,543 -0.2%

1Q 2019 2Q 2019 3Q 2019 9M 2019 Consolidated Volumes 3Q 2018 3Q 2019 9M 2018 9M 2019 Growth Growth Growth Growth ‘000 TEU Volume Volume Volume Volume (YoY) (YoY) (YoY) (YOY)

Asia Pacific & India Subcontinent +2.5% +8.1% 2,177 2,290 +5.2% 6,602 6,975 +5.7%

Europe, Middle East and Africa* -5.7% -2.4% 5,853 5,881 +0.5% 18,011 17,543 -2.6%

Americas & Australia +19.9% +94.3% 1,076 2,085 +93.7% 3,070 5,233 +70.5%

Total Group -0.8% +10.6% 9,107 10,257 +12.6% 27,683 29,752 +7.5%

*Jebel Ali volumes included in Middle East, Africa and Europe -8.8% -6.3% 3,601 3,563 -1.0% 11,339 10,719 -5.5% region

Container Industry Throughput and DP World Overview ESG Business Development Overview Financials 30 Key Capacity Additions

2019 Year End New developments and major expansions Capacity

• Posorja (Ecuador) +0.8m TEU • Puerto Central (Chile) +1.2m TEU Consolidated Capacity 56.4m TEU • Puerto Lirquen (Chile) +0.6m TEU • Fraser Surrey Docks (Canada) +0.4m TEU • Australia consolidation

Gross Capacity As above: (Consolidated plus equity- 90.8m TEU • (China) +0.1m TEU accounted investees) • ATI () +0.2m TEU

❑ Many of our existing portfolio of terminals have the ability to increase capacity as utilization rates and customer demand increases. ❑ 2019 expected new capacity: Posorja (Ecuador) +0.8m TEU; Puerto Central (Chile) +1.2m TEU; Puerto Lirquen (Chile) +0.6m TEU; Fraser Surrey Docks (Canada) +0.4m TEU; Australia consolidation; Yantai (China) +0.1m TEU; ATI (Philippines) +0.2m TEU. ❑ Discontinuation of (), Doraleh (Djibouti), East (), DP World Liege Antwerp (Belgium), (China).

Container Industry Throughput and DP World Overview ESG Business Development Overview Financials 31 Overview of 2019 Interim Financial Results

% change Results before separately disclosed items(1) As Reported 1H 2019 1H 2018 Like-for- like at unless otherwise stated | USD million % change constant currency(2)

Gross throughput(3) (TEU ‘000) 35,811 35,620 0.5% 0.5% Consolidated throughput(4) (TEU ‘000) 19,495 18,576 4.9% (1.7%) Revenue 3,463 2,626 31.9% 10.8% Share of profit from equity-accounted investees 86 88 (1.6%) (3.3%) Adjusted EBITDA(5) 1,611 1,322 21.9% 9.9% Adjusted EBITDA(6) margin % 46.5% 50.3% - 51.4%(7) Profit for the period 753 629 19.9% 19.0% Profit for the period attributable to owners of the 753 593 26.8% 22.2% Company Profit for the period attributable to owners of the 681 642 6.1% - Company after separately disclosed items Basic earnings per share attributable to owners of the 90.7 71.5 26.8% 22.2% Company (US cents) Basic earnings per share attributable to owners of the 82.1 77.3 6.2% - Company after separately disclosed items (US cents) 1 Before separately disclosed items (BSDI) primarily excludes non-recurring items. DP World reported separately disclosed items of a loss of ($73.2 million). 2 Like-for-like at constant currency is without the new additions at Yiwu (China), Continental Warehousing Corporation (India), Winter Logistics (India), Cosmos Agencia Maritima (Peru), Aydi Manpower Company (UAE), Unifeeder (Denmark), Puertos y Logistica (Chile); the discontinuation of Surabaya (Indonesia), Doraleh (Djibouti), Antwerp East (Belgium), DP World Liege Antwerp (Belgium); consolidation of DPWA (Australia); and normalizes the impact of IFRS 16. 3 Gross throughput is throughput from all consolidated terminals plus equity-accounted investees. 4 Consolidated throughput is throughput from all terminals where the Group has control as per IFRS. 5 Adjusted EBITDA is Earnings before Interest, Tax, Depreciation & Amortisation including share of profit from equity-accounted investees before separately disclosed items. 6 The adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue, including our share of profit from equity-accounted investees. 7 Like-for-like adjusted EBITDA margin.

Container Industry Throughput and DP World Overview ESG Business Development Overview Financials 32 Revenue Breakdown

$4,500 Container 'Stevedoring' Container 'Other'

$4,000 Non-Container (excl. Lease Revenue) Lease Revenue (part of non-container)

$3,500 291 291 $3,000

$2,500 292 1454 1454 280 $2,000 278 682 154 422

US$ Millions 387 $1,500 353 410 688 679 696 703 $1,000 565 604 656

$500 948 1030 1021 740 732 773 897 $0 1H 2014 1H 2015 1H 2016 1H 2017 1H 2018 1H 2019 1H 2019 LFL* ❑ At 1H2019, non-containerized revenue accounted for approximately 50.4% of total revenue, up 79.2% in 1H2018, on a reported basis. ❑ Like-for-like revenue increased by 10.8% driven by growth in non-container revenue. ❑ Containerized stevedoring revenue per TEU is at +1.8% on a like-for-like basis but total revenue per TEU grew 12.8% due to a favourable volume mix and non-container revenue. ❑ Lease revenue is included in total non-container revenue for reporting purposes. Total non-container revenue increased by 79.2% on a reported basis and lease revenue accounted for 16.7% of total non-container revenue and 8.4% of total revenue on a reported basis.

Container Industry Throughput and DP World Overview ESG Business Development Overview Financials 33 DP World Key Financial Metrics

$ million 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Gross Throughput (TEU mn) 43.4 49.6 54.7 56.1 55.0 59.9 61.7 63.7 70.1 71.4

Consolidated Throughput (TEU mn) 25.6 27.8 27.5 27.1 26.1 28.3 29.1 29.2 36.4 36.8

Revenue 2,821 3,078 2,978 3,121 3,073 3,411 3,968 4,163 4,715 5,646

EBITDA 1,072 1,240 1,307 1,404 1,414 1,588 1,928 2,263 2,469 2,808

EBITDA margin 38.0% 40.3% 43.9% 45.0% 46.0% 46.6% 48.6% 54.4% 52.4% 49.7%

Leverage (Net Debt / EBITDA) 4.7 4.2 2.7 2.0 1.7 1.3 3.2 2.8 2.5 2.8

PAT 332.7 450.1 531.7 624.8 674.2 756.7 969.9 1,259.5 1,362.5 1,332.8

EPS 35.6 45.0 55.3 65.7 72.8 81.4 106.3 135.7 145.6 153.0

ROCE % 3.8% 4.4% 6.0% 6.8% 6.7% 7.1% 7.9% 9.5% 8.8% 8.4%

Interest cover x 3.8 4.4 4.5 4.7 5.0 5.6 5.0 6.7 7.5 6.5

Capex 967 1,129 481 685 1,063 807 1,389 1,298 1,090 908

Acquisition & Monetisation 142 0 (1,504) (374) (637) 83 4,100 174 300 2,500

Consolidated Terminal Capacity (TEU mn) 34.4 35.1 33.6 34.7 35.2 37.9 40.1 42.4 49.7 49.7

Gross Capacity (TEU mn) 59.7 64.1 69.4 69.7 70.7 76.1 79.6 84.6 88.2 90.5

Gross Capacity Utilisation 72.7% 77.3% 78.8% 80.4% 77.8% 78.7% 77.5% 75.2% 79.5% 78.9%

Container Industry Throughput and DP World Overview ESG Business Development Overview Financials 34 Continued Growth in 1H2019

Continued revenue and EBITDA growth ❑ Reported revenue growth of 31.9% supported by acquisitions and growth in non-containerized revenue. ❑ Like-for-like revenue increased by 10.8% driven by growth in non-container revenue. ❑ Adjusted EBITDA grew 21.9% and EBITDA margin for the half year stood at 46.5%. ❑ Like-for-like adjusted EBITDA grew 9.9% with a margin of 51.4%. Strong balance sheet and cash generation ❑ Cash from operating activities remains strong at $1,046 million in 1H2019. ❑ Raised $1.3bn through issuance of long-term bonds at record low rates. ❑ Leverage (Net debt to annualised adjusted EBITDA) increased to 3.0 times (Pre-IFRS16) from 2.8 times at FY2018. On a post IFRS16 basis net leverage stands at 3.7 times.

Continued investment in high quality long-term assets ❑ Consolidated capital expenditure in the first half of 2019 was $636 million, with maintenance capital expenditure of $90 million. ❑ We expect the full year 2019 capital expenditure to remain unchanged at up to $1.4 billion to be invested in UAE, Posorja (Ecuador), Berbera (Somaliland), Sokhna () and London Gateway (UK).

Strong earnings growth, investment partnership and consolidation

❑ Strong adjusted EBITDA growth resulted in a 26.8% increase in profit attributable to owners of the Company before separately disclosed items on a reported basis and 22.2% growth on a like-for-like basis at constant currency. ❑ The acquisitions of Drydocks, CWC, and Unifeeder are performing in line with expectations and we have seen increased contribution to our revenue line.

Container Industry Throughput and DP World Overview ESG Business Development Overview Financials 35 Historical Operating Performance

6,000 80

70 5,000

Revenue 60

4,000

50 TEU m TEU

3,000 40 USD m USD EBITDA 30 2,000

PAT 20

1,000 10

0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Gross Volumes

Container Industry Throughput and DP World Overview ESG Business Development Overview Financials 36 2018 Return on Capital Employed

˃ 15% ROCE : 27% 5 - 15% ROCE : 40% ˂ 5% ROCE : 33% 90%

75% Capital Employed

60%

45%

30%

Medium Term Target of 15% 15%

0%

DP World Business Units -15%

❑ ROCE was at 8.4% in 2018 from 8.8% in 2017. -30% ❑ Approximately 30% of our global capacity delivers returns in excess of 15%. -45% ❑ Newer capacity or investment in pre-operational capacity reduces Group ROCE

-60% ❑ Includes all DP World consolidated terminals and our equity-accounted investees

Container Industry Throughput and DP World Overview ESG Business Development Overview Financials 37 Debt Position

$ Million 30 June 2019 31 Dec 2018

(+) Interest Bearing Debt 11,095 10,420 (+) IFRS 16 Lease Liability 2,399 N/A (=) Total Debt 13,494 10,420 (-) Cash Balance 2,050 2,615 (=) Net Debt 11,444 7,805

Net Debt / Adjusted EBITDA pre IFRS 16 3.0x 2.8x Net Debt / Adjusted EBITDA post IFRS 16 3.7x N/A

Interest Cover pre IFRS 16 6.0x 6.5x Interest Cover post IFRS 16 5.1x N/A

❑ Well matched debt profile with long-term debt to meet long-term nature of our business. ❑ Highly cash generative business - Cash from operating activities amounted to $1,046 million in 1H2019. ❑ Leverage (Net debt to annualised adjusted EBITDA) increased to 3.0 times (Pre-IFRS16) from 2.8 times at FY2018. On a post IFRS16 basis net leverage stands at 3.7 times.

Container Industry Throughput and31 DP World Overview ESG Business Development Overview Financials 38 IFRS 16 Impact

$ Million 1H 2019

Income Statement

EBITDA 106.9

Net finance costs (66.7)

Amortisation Expense (60.4)

Profit after tax (20.2)

Balance Sheet

Gross debt 2,377

❑ Net profit after tax impact of approximately $20 million. ❑ Gross debt increases by $2.4 billion.

Container Industry Throughput and31 DP World Overview ESG Business Development Overview Financials 39 Debt Maturity Profile

2000 Sukuk MTN Convertible Convertible (put in 2021) Bank Loans and Others 1800 1,750

1600

1400 1,300 1,200 1200 1,000 1,000 1000 853

US $ Millions $ US 800 714 630 600 547 474 500 500 444 400 339 254 258 229 254 200 161 134 149 143 101 64 74 70 66 49 25 17 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2037 2039 2048 2049

October 2019

Container Industry Throughput and DP World Overview ESG Business Development Overview Financials 40 DP World Debt

❑ On 24th July 2018, Fitch has affirmed DP World at BBB+ with stable outlook following last year’s upgrade from BBB (27th July 2017). ❑ On 28th November 2019, Moody’s has affirmed DP World at Baa1 and revises outlook to negative. Moody’s had previously upgraded DP World to Baa1 from Baa2 with stable outlook in August 2018, following a previous upgrade to Baa2 from Baa3 (1st Sept 2016).

Container Industry Throughput and DP World Overview ESG Business Development Overview Financials 41 DP World IR App

The DP World Investor Relations app will keep you up-to-date with the latest share price data, news releases, IR calendar events and much more.

https://www.myirapp.com/dpworld/ Investor Relations Contact

Redwan Ahmed Email: [email protected]

Amin Fikree Email: [email protected]

Investor Relations Email: [email protected]